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's tax increase, whether we get obama's tax increase tomorrow or get it a month from now the net result is still the same. we're going to have a less competitive economy because of what is coming out of washington. adam: chime in, rick said, nah why do you say that? >> you will get a tax increase. i think number will be closer to 500,000 before we're done. certainly closer than 250,000. this is, i don't know, for years i've had to listen to this, it is going to hurt our economy if we raise taxes on the top 2%. there are many things happening that can hurt our economy. the fact we're having this conversation two or three days before the end of the year is hurtings our economy. adam: but we've seen that. >> raising taxes isn't going to be it. adam: let me bring dan back in here. dan, i want to ask you, raising taxes only raises $80 billion at best in a budget almost a trillion dollars over budget. so what do you to fix that problem? >> all we have to do to balance the budget in 10 years limit the growth of government spending so that the budget climbs by an average 2.5% a year. in my mind
if they hold it up, past january 1, the first bill the democrats will introduce, ar te the obama tax cuts and he proposes to relower the rates -- >> if they don't do something the taxes go up for everybody. >> yes. and the president proposes relowering them to somewhere near bush rates for everybody under 250 and the republicans don't want to be in a position of stopping that. >> chris: but why, byron, were they unable to do anything about the real problem? i mean -- if you take the amount 0 -- say, 400,000, it would be $600 billion increase in revenue to the government, over the next ten years. $600 billion, in terms of a deficit of $16 trillion, going up, by another 2.5, $3 trillion in the next ten years is peanuts. >> you heard lindsay graham talk about entitlement reform and the debt ceiling issue but if you look at -- among democrats, especially, further to the left, since the election, their feeling has been, president obama won, we will not take this out of seniors, we will not take it out of medicare, we will not take it out of social security. no cuts, and those things and that p
that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come forward with entitlement cuts that were enough to actually counteract some of those tax increases. could we be seeing the exact same thing today? >> well, yes. for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what you're doing with obama is not just the expiration of the bush tax cuts, but obama tax goe
dollars. that condition, in line with obama's campaign pledge to raise taxes on the wealthiest 2% of taxpayers ought. it is a condition that so far is unacceptable to republicans want to extend current tax breaks regardless of income. the pressure will be elements of the house republicans to follow through. at this point, it is an open question. >>> at least six people in pakistan have been killed, dozens injured in an explosion in karachi. it ripped apart a bus parked on the road and a hotel was also damaged. they're still no word on what caused the explosion. the police say a bomb was planted on the boss. another boat -- as it was planted on the bus, but another official said it was on a motorbike. >>> videos released follow several high-profile taliban attacks in the northern cities. the detonations envoy to syria has warned the country's crisis will go one of two ways, to help or a constructive political process. they say that the neighboring countries will not be to take many more refugees. they were speaking in moscow to the russian foreign minister. >> object of everybody
austerity way too quickly. president obama is not asking for that much in taxes. it's worth getting a bit of perspective in here. you'll be shocked to know, we got a graph for that. here's what happens if we go over the cliff. you get more than $5 trillion in tax increases off the bat. and now here's what happens if we pass the sainted simpson bowles plan. you've heard of the plan. they have 2.6 trillion in tax increases. president obama's latest offer to john boehner has 1.2 trillion in taxes. that is half as much, less than half than simpson bowles, and less than a quarter of what is in -- simply going over the fiscal cliff. i think the tax increases are too little. they are what they are. and it's something to remember as we reach the edge and you hear a lot of complaints about the tax side of obama's offer. what he's asking for in terms of tax increases is not that radical, it's way less than if we don't reach a deal. contrary to what you may have heard, republicans want to raise taxes too. shocker, right? >> the superficial take on this, the argument between democrats and republicans
. and the third part is $1 trillion in obama's taxes. that's the obama care taxes they hid from you because they're all scheduled to come in after he got safely elected. >> let's go back to the bush-era tax cuts. for you, given your position, that's really what we want to focus on here. you make the point that democrats could have voted before when they had super majorities or big majoritiemajo and that's a fair point. but in part thanks to you, voting for tax increases is a political death for republicans and democrats. that brings me to my next question. i've talked to republicans and democrats who think we are going to go off the cliff, and here's the reason why. if we go off the cliff, everybody's taxes go up automatically. then congress can come back in january and vote for a tax cut as opposed to tax increases. what do you think about that? >> one of the challenges, of course, is people see this happening. they realize the president has not been negotiating at all over the past three months. we learned days and weeks and months afterwards that they had non-meetings where this is going on.
of the plan. they have 2.6 trillion in tax increases. president obama's latest offer to john boehner has 1.2 trillion in taxes. that is half as much, less than half than simpson bowles, and less than a quarter of what is in -- simply going over the fiscal cliff. i think the tax increases are too little. they are what they are. and it's something to remember as we reach the edge and you hear a lot of complaints about the tax side of obama's offer. what he's asking for in terms of tax increases is not that radical, it's way less than if we don't reach a deal. contrary to what you may have heard, republicans want to raise taxes too. shocker, right? >> the superficial take on this, the argument between democrats and republicans is between democrats who love taxes, just want to tax everything. and republicans who totally grover norquist taxes, they hate them, that is not true. to a degree that kind of disturbs me, actually, the two parties mostly agree on keeping the bush tax cuts. up to $250,000 in income, which is a lot of income. republicans and democrats want to keep all the bush tax cuts.
essentially rewrite legislation. changing the tax congress passed to declare obama care constitutional which is a littleec scary that the highest justice is -- justices in the land would take the activist roll. that's what is scary. the backdrop of the presidential year was europe. we know where this path leads. all this turmoil, the huge welfare and the low productivity and high unemployment that comes along with them, that was the backdrop of the presidential campaign. voters voted, and they said, yes, we are going to keep moving in that direction, kim. where do you think the electorat is here? is it be ibd hue the choices that -- is it behind the choices that jason suggested they might be? >> barack obamaus won this election by very effectively making this a referendum about his opponent, mitt romney. if you went out and asked most americans, do you think barack obama did a great job in his first term? do you want significantly higher taxes? do you want the government to do nothing about spending? are you happy with obama care? most would say no. but in the end the choice was between a pr
into an economic free fall. facing a dreaded combination of spending cuts and tax hikes... president obama made an appearance, on n-b-c's meet the press. "regardless of partisan differences, our top priority has to be to make sure that taxes on middle class families do not go up that would hurt our economy badly." democrats want to keep the bush-era tax cuts for everyone, except the wealthiest americans. just how wealthy?..is a major sticking point... with negotiations now focused on an income threshold around 400-to-500 thousand dollars. *republicans argue the problem isn't tax revenue...but spending. they want reforms to entitlements. but a proposal to change the way social security benefits are measured against inflation was pulled from the table. vice president joe biden -- talked to minority leader mitch mcconnell several times today...in an effort to break the stalemate. hopefully, the discussions between the vice president and senator mcconnell will get us back on track, hopefully get a breakthrough and something we can vote on. i hope by the end of day tomorrow night, we can celebrate
combined mpg c-max hybrid. >> julia: in four days several taxes tied to obama care will go in to effect including the medical device tax. healther found out it is about to impact every american. good to see you. >> that is right. this will pact every consumer. a new tax coming out. the tax will be put on devices that range from mri's to prosthetics and items in every doctor's office and veterinary offices. it will be passed alongg to consumers and manufacturers say it will result in job loss and stifle innovation and upon send jobs over seas. we went to one manufacturer. adm electronics that employs 19 people to ask them what it means for their industry. >> your company is about to be hit with a 2.3 percent tax on medical devices. >> it means more. it is on gross sales and that can hurt the number of people working for us and number of sales and increase the costs of our device. >> this is a family run business and been in business 40 years. how does it plea out for your company? >> we tried not to lose our employees because we are like family and the devastating impact we may not be ab
-cuttingest democrat in the history of the republic. and the bush tax rates will be replaced by the obama tax rates. so he knows he's in a better position than they are. the question is as the clock ticks down and markets become anxious and capital becomes scarce and people are worried about what's going to happen out there, that the president has to think as much as he'd be better off then -- and, certainly, senator barrasso makes a good point about that -- the president's going to have some gut-check moments while he's out on the golf course and looking at the blue pacific, he's going to have to think can his second-term presidency really begin in the midst of a recession, and is he going to be okay with that? gregg: all right, so the clock is ticking, but there's another clock we're keeping a close eye on. i mean, we're talking about the debt clock. look at that, $16.3 trillion and growing second by second. and the president instead of focusing on cuts, he actually demanded even more spending, new stimulus, additional spending. maybe he doesn't think that $16 trillion is a real problem even though y
that every obama has tried to do. it's really over a tax increase, and for what? it's really to stop primary challenges. that's what this is all about. i mean, it's really bringing the country to a standstill for their own political short term. >> "new york times" is talking about the urgency issue in all of this, and lacking urgency that we have witnessed. they say, yeah, with days left before the fiscal punch lands, both sides are exhibiting little sense of urgency. rather than to foster progress. perry is that the biggest thing, the primaries moving out of this and how everything looks back? >> i think there are two things going on. the first is democrats generally feel they won a man dade. they're not backing down -- the second thing is the primary issue. you have members of congress say last week there was a proposal to raise taxes, and a lot of republicans said i can't vote for that, a million only tax increase. they were worried about primaries. that's driving this in a very strong way. >>> there are people in washington, d.c. that will tell us this is how it all happens. congressman
obama campaigned campn capping it at $250,000, raising taxes on those who earn more than $250k, but some of the discussion and it is buzz around capitol hill has been about perhaps going to the $400,000 mark. the question is, will you get enough republicans to buy in if that is the deal? shannon? >> thanks to mike on capitol hill. we will continue to check in. now to ed henry, continuing our live team coverage from the white house. good afternoon, ed. >> reporter: good to see you, this is the president going out and trying to frame this debate on his own terms, appearing on a sunday talk show for the first time since 2009, when he was pushing health care reform, now, obviously trying to sell a fiscal cliff deerl deal. he went on nbc's "meet the press," again and again, he hammered the message, trying to put the blame on republicans for the fact we are up against this tight deadline. the president made clear that if republicans in the next 48 hours do not come up with a counter proposal to get us through this crisis, he wants an up-or-down vote on his short-term plan to extend unemploymen
november 16. sign for republicans that mr. obama has not really been pushing that hard for a deal. >> we need presidential leadership on in the just taxing rich people. >> three words the president did not use. he did not use the word sequester and he didn't say "debt ceiling" either. he focused most of his remarx on preventing taxes from going up. there are also massive spending cuts coming. no idea how they will avert that. he also did not mention the debt ceiling. earlier they wanted lifting the debt ceiling included. now it's clear it's not in the short-term package that guarantees if they get a short-term deal here, we have major budget battles coming. >> the key to any good negotiation each side has to give up something. near and dear to their heart. what is it, as succinctly as you imagine, both sides have given up? >> both sides say the president started on threshold of tax cut of $250,000. negotiations with boehner he moved to $400,000. not if you have for boehner. he wanted it to be $1 million or more. that is something that can beer worked on. spending cuts the republicans wan
to force president obama and the senate democrats to agree on fundamental tax reform. what do you think about that? >> we will get fundamental tax reform i believe as a part of the debt ceiling debate. going over the cliff means that our economy goes in the tank. we've got a very small recovery going on here. it would destroy the recovery, and jon's son is a first lieutenant, going over the cliff means that we start to dismantle the best and finest military in the history of the world at the time we need it the most. so that is unacceptable, that means i've got to vote for something i don't like, raising rates is something i don't like. i think it's a bad idea. but it's going to happen because barack obama insists that it happen. but let me tell you this. he had the courage of his convictions to raise tax rates, i'm going to have the courage of my convictions not to raise the debt ceiling until we reform our nation and stop becoming greece and finally stop getting out of debt. i hope republicans will fight as hard on the debt ceiling as barack obama did on tax rate. uma: you call everyt
to santa. a grand bargain isn't going to come by christmas or new year's when all sorts of tax increases and automatic spending cuts take effect. it may take up president obama's bare bones stopgap measure. that plan would block tax hikes for those earning $250,000. it would extend unemployment benefits to 2 million americans and put off spending cuts until the new year brings a new congress. our expert on all matters relating to the fiscal cliff is dana bash. she joins me now from washington. dana, great to see you again. tell me does even a band-aid approach work? >> it's going to be tough. this is all math. but it really has to do with the math with regard to votes. and democrats especially who i'm talking to in the senate which is probably where this will originate, the reality is that democrats don't hold a very big majority. her going to need to have a handful of republicans to cross party lines and vote with them on the whole concept of raising any taxes. especially what the president wants which is something that is raising taxes on all americans making more than $250,000. that's
's executive roundtable gets the real pulse of businesses. does speaking out against president obama hurt their bottom line and will higher taxes be as bad for businesses as some say? all that and everything in between from three top leaders. >>> yikes! for yelp users. one woman post as scathing review of the business. now the owner is suing her for $750,000. does he have a case? he is is here it make it. even when they say it's not it is always about money. gamine application in nevada. >>> to o melissa: exxon hates your children, not my words. those are the words of a new campaign absolutely blasting the oil company and the industry. watch this. >> here at exxon we hate your children. we all know that the climate crisis will rip their world apart. but we don't care. because it is making us rich. >> that's right. every year congress gives the fossil fuel industry over $10billion in subsidies. that is your tax dollars lining our pockets, making a fortune, devoiding your kid's future. at exxon that is what we call good business. melissa: joining me now in a fox business exclusive is the ex
trying to kill all the bush tax cuts. even mr. obama since 2005 when he was running as a senator. i don't know what your thoughts are about that. i would like to hear about the democrats voted to push us off the fiscal cliff. host: how you pick political heroes? caller: this is a republic and want to see going back to what it was. people are getting knocked off of unemployment in states because their rates went down. we go off this cliff, anybody on extended unemployment will not get a check in january. host: this is gary who chooses ben bernanke. beverly is next from vermont. caller: hello/ ? my choice is the teachers of america. i cannot believe that people did not speak up more for the teachers. they do they hurled job practically every day. host: why are they political heroes? caller: who do you think is going to run the country in the future? this is something that people do not understand. our future is our children. nobody seems to care. my choice is the teachers in america. the teachers that were killed the other day, they are true heroes. i cannot believe some of the idiots tha
connell focus on extending middle class tax breaks and renewing unemployment benefits. president obama says the u.s. markets and economy will suffer if congress fails to act. and here is what the major players had to say at least publicly this weekend. >> if you look at projections of 2013, people generally felt that the economy would continue to grow, unemployment would continue to tick down, housing would continue to improve, but what's been holding us back is the dysfunction here in washington. >> the sticking point appears to be a willingness, and interest or frankly, the courage to close the deal. >> i will say this. i think that the republican leader has shown absolutely good faith. it's just that we are apart on some pretty big issues. >> i want everyone to know i'm willing to get this done. but i need a dance partner. >> mitch mcconnell, who you just heard from there, is trying to enlist vice president joe biden in the fiscal cliff talks. in the absence of a deal, senator reid is prepared to hold a bill on the president's backup plan. and as all of this goes back and forth, here is
no deal's reached, barack obama and democrats immediately propose to relower the tax rates to bush levels for all but the top 2%, and republicans find themselves opposing it on behalf of their millionaire friends will be the democratic charge. so that's kind of a nightmare scenario for democrats, and it's why you saw john boehner, speaker of the house, offer to raise taxes on americans who mange more than $1 million a year. patti ann: yeah. so the idea, though, behind this fiscal cliff is that it was supposed to have items in it that were unacceptable to both sides so that both sides would be motivated to not go over that cliff with the understanding that they might not be able to fix it all with legislation after the fact. so are there items in there that democrats would really not want to see enacted with the fear that maybe they couldn't get them rolled back? >> well, you're right, but it wasn't quite equal. the two big disasters of the fiscal cliff are, one, tax cuts, tax rates going up for everybody, and, two, all of these automatic spending cuts in place. but democrats feel confiden
. >> juliet: president obama continues to push for tax hikes on the rich. and france lost a bid to raise taxes and he want today raise to 75%. now, there weren't a lot of people he was focused on, really not that much money, he was going to raise, but the fact is he wanted the french judicial council, however, said it would have been excessive and unconstitutional. joining us-- >> sorry, dave. >> dave: and for tax foundation from the heritage foundation. >> juliet: good morning, curtis. >> good morning. >> dave: what's the deal here, the decision made is not unconstitutional, but bottom line, bad for the economy? i think we can learn from this? >> that's right, the court has bailed them out. and the tax increase, 75% rate was going to really damage the french economy. the french economy's already strugglingling and adding on the economy would be worse. >> i'm looking at it, expected to be a temporary two year measure and affect 1500 people and raise less than 661 million dollars. >> but the revenue we brought in, and what it would have done, it would have reduced the incentives, and working an
cliff. president obama will meet with congressional leaders this afternoon with just four days left to reach an agreement. with time running out it appears a deal would likely include a extension of tax cuts for the middle class and a cancellation of scheduled spending cuts. an aide to senate majority leader mitch mcconnell said the republican senator is eager to hear from the president. >>> new year's is still a few days away but some lawmakers are telling republicans, not to drop the ball on the looming fiscal cliff. news4 tony is live on capitol hill where a maryland lawmaker joined the effort. tony, what's the word over there? >> reporter: we've been hearing about this closed-door session president obama is having with congressional lawmakers. but here on capitol hill, they're having a rally today and you can see behind me some folks with starting to gather and this will take place as 11:30. both sides coming together to call for some kind of agreement to have before these possible tax hikes take place. that being said, i want to bring in mr. bob packer. you're a small business
it not do? >> there are several outstanning suits channeling the law, meaning obama care will be a hot button issue in 2013. they are locked in a showdown over taxes and spending and the average family is caught in the middle. in washington, craig boswell, fox news. >> doug: neil abercrombie is minutes away to saying who will fill the seat by the passing of inoue. >>> 2012 brought more fighting and bloodshed to syria. will 2013 be different? it will be after the short brbrbrbrbrbrbr >>> in the name of god, i major general commander of the military police in syria declare my defection from the regime to army and joining the people's revolution for the following reasons -- >> the army derailed from the basic mission of protecting the people and it has become a game for killing and destruction. >> doug: denouncing his defection, as the rebels continue to gain ground. we are looking at death toll more than a year of 44,000 people. terrible i strosties from both sides -- atrocities from both sides. on top of that, syria's stampest ally russia appears to be getting a little bit of cold feet
for the tax code in a continuing series on what president obama and congress should tackle in the next four years today. the "new york times" lead editorial is why the economy needs tax reform. that editorial today in the "new york times" if you want to check it out. we'll go now to linda from indiana this morning on the independent line. caller: good morning. afe couple points to make. i can't understand why a handful of bureaucrats are able to control all the american citizens. i think there ought to be term limits. and if they don't do their job, instead of electing people why don't we throw them all out and appoint somebody and when they don't do their job they're the ones who get the pink slip. i just don't understand the way this economy is going. the e.p.a. is regulating and pushing through cutting down on energy, the poor coal miners, because they want that clean energy. we've got a plant right here not just a few miles from me. they burn clean coal. if i was in there, they would probably have me assassinated in a week because i would have a line item veto every bit of pork barrel s
barack obama did a great job in his first term? do you want significantly higher taxes? do you want the government to do nothing about spending? are you happy with obamacare? most would say no, but in the end the choice was between a president who said things aren't great, but i'm still going to try to make them better and a guy he painted as not having a plan and not identifying with the average wants and needs of middle class americans and in the end, people decided to stick with the devil they knew rather than the one they didn't. >> paul: so the election, the republican defeat was big, but it wasn't overwhelming in a sense of repudiation, kim, as far as a republican platform and their agenda? >> no, i think the reason, look, this country had the opportunity in this election to once again hand completely controlled government to democrats. everyone in the house was up for reelection and yet, they continued to give republicans, majority there. they liked divided government and i think you've got to look to the number of states that have elected very conservative governors who are
't consummate with the american people. president obama just ran on a program of resisting some of the fundamental ways in which the republicans wanted to change medicare and raise taxes on people over $250,000. he won the election and people from the very red districts elected in the house simply have not adapted to that reality. >> let me go to jonathan chait and the primal scream and the election president obama won, but you wouldn't know this in washington. doesn't it feel sometimes like one side experienced maybe a different election? >> they did. for the house republicans, they don't have to worry about public opinion. the house republicans got fewer votes than house democrats, but the house republicans won anyway because the districts are drawn in such a way the vast majority of republicans are insulated from public opinion. this conversation we're having of what do the republicans have to do to win back middle america, that's not relevant to them. the only thing they have to worry about is a tea party challenger. that's the only way these guys are going to lose. that's p
. because president obama perfectly going over the fiscal cliff to blame republicans because he can't default on the debt. he will have to compromise between now and february. second of all the baseline gets reset if the tax cuts expire. everybody will propose a tax cut in january and right now we're fighting whether to increase taxes or not. you can see possibility of a deal seen as win-win for both sides. third, if republicans don't come up with a deal, a bad deal right now, they still have the $800 billion in revenue they put on the table from limiting deductions and loopholes that they can use to buy down rates. so i think the odds are, after january 1 we will get a deal and it will be much more favorable deal to the republican party because we'll have the leverage and president obama won't. heather: simon, basically what mark's laid out there would be more of a bunge jump over the cliff instead after nosedive, what do you think about the possibility, good thing or bad? >> i think it is going to happen whether it is good or bad. hopefully in the first week to 10 days of the new
outstanning suits channeling the law, meaning obama care will be a hot button issue in 2013. they are locked in a showdown over taxes and spending and the average family is caught in the middle. in washington, craig boswell, fox news. >> doug: neil abercrombie is minutes away to saying who will fill the seat by the passing of inoue. >>> 2012 brought more fighting and bloodshed to syria. will 2013 be different? it will be after the short break. ♪ [ male announcer ] it started long ago. the joy of giving something everything you've got. it takes passion. and it's not letting up anytime soon. at unitedhealthcare insurance company, we understand that commitment. and always have. so does aarp, an organization serving the needs of americans 50 and over for generations. so it's no surprise millions have chosen an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they help cover some of the expenses medicare doesn't pay. and save you up to thousands in out-of-pocket costs. to find out more, request your free dec
. >>> this is a crucial day in the effort to keep the country from going off the fiscal cliff. president obama meets with congressional leaders this afternoon. democrats and republicans both say a deal at this point would probably extend bush era tax cuts for most persons and raise taxes on the country's top earners. it could include an extension of long-term unemployment benefits, spending cuts would also be postponed. >>> house speaker john boehner will be at today's meeting. he says the house will convene for a rare sunday evening session. eric cantor says the house could be in session until january 2nd. that's the day before the new congress is sworn in. boehner, meanwhile, still maintains that it's up to the senate at this point to make the first move. >>> going over the fiscal cliff could have a huge impact on the local economy. thousands of people could lose their jobs, especially federal employees and government contractors. the defense industry could face billions of dollars in cuts. >> i represent the third largest number of federal employees and probably the largest single number of feder
. >>> and vacation over, president obama cuts his trip to hawaii short but is there enough time to find a fiscal cliff compromise with republicans or will your taxes go up? on that note, good morning. i'm drew griffin. >> the question everyone wants answered. good morning, everybody, glad you're with us. i'm alina cho. soledad is off this morning. it's wednesday, december 26th. "starting point" begins right now. 8:00 in the east, our starting point a christmas to forget for millions of americans in the south and midwest, battling blizzard conditions and tornadoes. >> oh, my god, we need to go. it's right there. >> mobile, alabama, took a real beating overnight, a twister blowing transformers, and there are reports of extensive damage to homes, a high school, and a church. 200,000 people across the south are without power this morning. >> it came in behind the church right there, and then all green floors reent lighting and it was like popping transformers left and right and heard the crash and everything and the power went out. >> i prayed to god as loud as i could and i was just praying for my
turning to plan c. plan a was that $4 trillion debt deal, plan b was speaker boehner's idea about tax increases only for million dollar incomes and more, now turning to plan c which is president obama's idea which is to move it back to $250,000 or more, that would be the threshold for tax cuts or tax increases in the other direction, also dealing with two million people who are losing their unemployment benefits, president wants to the take care of that by the end of the year and finally, spending cuts kicked till later next year. that's one of the key things that's going to have to be ironed out if taxes are going up for some, republicans are saying you're going to be getting more revenue in the government, make sure that's not spent on new federal programs. you look at the front page of the star advertiser, it says obama headed back to work. he'll be flying back late tonight, get back to work. the picture here that showed the president and first lady, they were with troops at a marine base here, that's become a christmas tradition before the president heads out, basically, as they w
to keep the country from going over the so-called fiscal cliff. president obama will meet with congressional leaders this afternoon with just four days left to reach an agreement. with time running out, it appears a deal at this point would likely include an extension of tax cuts for the middle class and a cancellation of spending cuts. an aide to senate minority leader mitch mcconnell says the republican senator is eager, quote-unquote, to hear from the president. >>> house lawmakers are heading back to washington ahead of a deal. john boehner called the house back into session for a rare sunday evening session. boehner says it's up to the senate to act. he says the house has done its part to -- it would extend existing tax cuts for all americans. >>> federal workers are told to take steps to prepare for possible furloughs if spending cuts that would be part of the fiscal cliff take effect. the office of personnel management issued new guidelines which state that employees will be given at least 60 days' notice before any furloughs of more than 22 days. they'll receive 30
be able to put aside their differences and hammer out a deal to stave off most big tax hikes for the most americans? we'll head to washington next. >>> welcome back to "worldwide exchange." >> president obama calls congressional leaders to the white house in what could be the last chance to restart talks before the u.s. falls off the fiscal cliff next week. >>> a lackluster trading week of the year, but european equity markets are setd to post double digit earns for 2012. >>> and italy sold 6 billion ur he rows of longer dated paper. >>> and japan says other countries have no right to lecture japan on its currency policy. instead, calling for the u.s. to seek a stronger dollar. >>> let's check in on futures again and see if i can get the math right this time. dow jones industrial is poised to shed about 50 points at the open. similar declines with the nasdaq and the s&p 500. this would continue a string of lows which we've seen over the last four trading sessions. better than 2% of a drop for the nasdaq, which is also down about .8% for the month of december. so not much of a santa rally
. back to our top story. all eyes on washington where president obama will meet with congressional leaders to make one more attempt to craft a deal to avert looming tax hikes and spending cuts. with most of the hoist members on vacation until sunday night, no plan in sight. how much can actually be accomplished. susan fereccio joins us now. chief congressional correspondent for the "washington examiner". we're seeing dianne feinstein there on the senate floor. it is vacant on the house side. so in truth how much is really going to get done? >> well, gregg, a lot of this negotiations are really taking place between the leadership levels right now. we don't really have to worry about what is happening on the house floor. it's about what is going on at the white house. now, the president today is going to meet with congressional leaders from both parties, both chambers. they will sit down. they will talk about a potential deal. the president might offer something that maybe the republicans could go for. it wouldn't be a sweeping deal. gregg: like what? >> might be something smaller. w
. the tax burden overall would be about the same. and the deficit if with starts to wind down. the problem is president obama has also presided over a french- style growth rates of 2% per year. is not the worst of jamee have been been in the post world war era. -- this is not the worst jam. reagan had the economy growing at 6%. whereas mr. obama, to%. the downside has been the notion of accepting a much slower broken. longer-term, the pyramid of our society is getting more like a column, because we're having more and more older people -- people are living older and we can raise the retirement age. even with that we will have a larger elderly population to take care of. 2% growth becomes very difficult to maintain our commitments to the elderly. if you think it's a great idea if you are 40 right now and it actually happens, you will have a lot of tears. host: greg in north carolina, independence, for peter morici. caller: dr. morici, i guess my question is pretty simple. i just want to know, i noticed that republicans and democrats squabble about a lot of stuff, they are partisan about a lo
share. then we go back to the situation -- recalling the bush tax cuts. if i am correct and i know i am, president bush was our republican. president bush was involved for eight consecutive years. he created the debt that was left for president obama to deal with. so for republicans to throw their hands up in the air to say they have no claim to any portion of this debt is completely ridiculous. host: ok. sure. caller: i am unemployed. i have been unemployed for the last several months. i am a financial controller by trade. it is extremely difficult to find employment. i would truly appreciate for something to be settled today to it least give me my additional benefits i was originally granted but now is continued until the 29. host: thank you for joining us unsell -- thank you for joining us from california. the house republican whip sent out a memo earlier this afternoon saying that we do expect to have a series of votes later this afternoon. "today's schedule remains very fluid. members are advised to remain close to the capitol. please stay as flexible as possible as we move through
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